Lucid Group Target of Unusually Large Options Trading (NASDAQ:LCID)

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was the recipient of unusually large options trading activity on Friday. Stock traders bought 203,316 call options on the company. This is an increase of approximately 199% compared to the average volume of 68,039 call options.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Cantor Fitzgerald restated a "neutral" rating and set a $4.00 price objective on shares of Lucid Group in a research report on Tuesday, October 8th. Royal Bank of Canada decreased their price objective on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research note on Tuesday, November 19th. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a report on Monday, November 11th. Finally, Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $3.16.

Lucid Group Trading Up 14.8 %

Shares of LCID traded up $0.39 during mid-day trading on Friday, reaching $3.02. The company had a trading volume of 156,628,641 shares, compared to its average volume of 41,627,063. The stock has a market cap of $9.10 billion, a price-to-earnings ratio of -2.25 and a beta of 1.08. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm has a fifty day simple moving average of $2.39 and a 200-day simple moving average of $2.98. Lucid Group has a fifty-two week low of $1.93 and a fifty-two week high of $4.49.

Insider Buying and Selling

In other news, Director Public Investment Fund bought 374,717,927 shares of the firm's stock in a transaction on Wednesday, October 30th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $970,519,430.93. Following the completion of the transaction, the director now owns 8,041,393 shares in the company, valued at $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 61.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. raised its holdings in shares of Lucid Group by 14.1% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company's stock worth $226,000 after purchasing an additional 8,074 shares during the period. Coldstream Capital Management Inc. purchased a new position in Lucid Group in the third quarter valued at approximately $53,000. M&T Bank Corp lifted its position in Lucid Group by 46.0% during the third quarter. M&T Bank Corp now owns 222,335 shares of the company's stock valued at $785,000 after buying an additional 70,079 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Lucid Group during the third quarter worth approximately $121,000. Finally, Main Management ETF Advisors LLC acquired a new stake in shares of Lucid Group in the third quarter worth $863,000. Institutional investors and hedge funds own 75.17% of the company's stock.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.